Vodafone is establishing an office in London's Tech City to help developers design new products and services.

The centre will open toward the end of this year to provide logistical support and potential funding to mobile and creative media firms, together with access its 400 million subscribers.

The decision to open a London-based technology incubator follows Vodafone's "xone" initiative, which opened in Silicon Valley a year ago. The xone centre offers U.S.-based startups assistance with business development, network and device architecture, consumer electronics, payment and billing mechanisms, data analytics and content delivery.

George Osborne, Britain's Chancellor of the Exchequer, announced the Vodafone investment alongside investments in London from Barclays and Gree, the Japanese gaming company, at a business summit meant to capitalise on the London Olympics.

"Taken together, these investment represent a triple whammy for Tech City," he said, according to the Financial Times. "You will not find a country anywhere in the world that is more open to technology, more open to investment and more open to business."

The Vodafone announcement coincided with Barclays Bank saying it would be providing office space and financing to startups in Tech City over the next five years, while Gree, is planning a relocate its development studio to the fast-growing London district.

Commenting on the move, Siavash Alamouti, Vodafone's group R&D director said that he was pleased to confirm the company's intention to set up a new R&D and incubation centre in East London's Tech City. "We believe that the great talent, entrepreneurial spirit and wealth of start-up companies, in both the mobile internet and creative media industries, that are to be found in East London, make Tech City a great location for this centre," he said.

Vodafone's decision to open a focus on London's Tech City for new technology developments follows a recent move by O2 which has already opened its Wayra academy in the same location, and comes just days after Amazon and Facebook announced similar investment in technology centres bordering Tech City.

Press Release:

VODAFONE LOOKING FOR THE TECHNOLOGY STARS OF TOMORROW IN EAST LONDON.

New incubation centre in Tech City will build on the success of Vodafone xone in Silicon Valley.

Vodafone is bringing its expertise in helping innovative start-up businesses to Tech City, Europe's fastest growing digital hub. Britain's biggest ICT company will open a new technology and incubation centre in the East London area as it looks to nurture the next generation of British start-up talent.

The new centre will provide innovative businesses in the mobile internet and creative media industries with technical expertise, potential financial assistance, logistical support and access to more than 400 million Vodafone customers across more than 30 countries worldwide. It will draw on the expertise of Vodafone Ventures, the company's corporate venture capital arm, which has been successfully investing in innovative new businesses for over a decade.

The decision to locate a new technology and incubation centre in Tech City builds on the success of Vodafone xone, which opened in Silicon Valley a year ago. Vodafone xone identifies innovative US start-ups and helps them move quickly to market. It offers companies support from a team of professionals whose expertise spans business development, network and device architecture, consumer electronics, payment and billing mechanisms, data analytics and content delivery.

Trade and Investment Minister Lord Green said: "I warmly welcome Vodafone's plans to open a technology lab and incubation centre in London's Tech City. This announcement is an excellent reflection of Tech City's success as a thriving hub of innovative technology companies, combined with ready access to Europe's largest venture capital community."

"With the world's spotlight on the UK this summer, we are working hard through the British Business Embassy programme to help technology companies capitalise on the unique opportunity we have in 2012 to secure new trade and investment."

Siavash Alamouti, Vodafone Group Research and Development Director said: "Vodafone is delighted to confirm its intention to set up a new R&D and incubation centre in Tech City. This exciting new centre will build on our existing Vodafone xone facility in Silicon Valley, giving cutting-edge British high tech start-ups access to the expertise and global reach of Britain's largest ICT company."

"We believe that the great talent, entrepreneurial spirit and wealth of start-up companies, in both the mobile internet and creative media industries, that are to be found in East London, make Tech City a great location for this centre."

Vodafone intends to have its centre in Tech City up and running towards the end of the year.

For more information on Vodafone xone please visit http://vodafone.com/xone